A private investor recently closed on a four-unit apartment property located in San Diego’s North Park neighborhood. Marcus & Millichap facilitated the sale, which was procured by senior associate Ben Sierpina and Raymond S. Choi, SVP investments of their Del Mar office for $1,870,000.
Sierpina noted that the buyer was motivated to purchase this property due to its proximity to several other apartment complexes they own in the area as well as an opportunity for value add and increased rents over time. Financing was obtained with escrow closing within 30 days of procurement; plans are set for long-term holding with renovations and improvements planned along the way.
